A group of House Republicans today unveiled the Spending Reduction Act which
proposes to address the rapidly growing national debt by making substantial
spending cuts from more than 100 federal programs and reducing spending levels
by $2.5 trillion over the next decade.

"The national debt has grown from $8.6 trillion four years ago to more than
$14 trillion today," said Rep. Jim Jordan (R-OH), Chairman of the Republican
Study Committee (RSC). "This mountain of debt, nearly the size of our
entire economy, threatens to create a whole new financial crisis. Every
day we refuse to change course and instill some fiscal responsibility, the
problem grows even larger. Unless Washington acts soon to cut spending,
massive tax hikes, economic stagnation, and national bankruptcy will rob our
children of the opportunity to reach for the American Dream."